Searching for reliable Mortgage Broker

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Posted

Hello,

Can anyone recommend a reliable mortgage broker in, around or near Manila?

Thanks,

P

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Posted

Do they have mortgage brokers in thd Philippines?

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17 minutes ago, Gary D said:

Do they have mortgage brokers in thd Philippines?

Google says there are a couple.  But knowing how the  Filipinos take liberties with the meaning of English words I would be reluctant to presume they are anything close to what the op is looking for.

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I would think anything like this would be the largely the preserve of the banks.

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48 minutes ago, Gary D said:

I would think anything like this would be the largely the preserve of the banks.

10 years ago, when I was naive and new to the Philippines.  I looked for such a thing as a mortgage broker.  I found loads of them.  They were "touts" for private lenders who had no problem lending private money as mortgages for real property.  The problem with all of them was the high-interest rate they wanted on mortgages.  I found private mortgages for as low as 2% and as high as 5%.  These interest rates are monthly rates and compounded monthly.  Incredible as it sounds, some locals were mortgaging their property at these rates.  The lenders were more interested in foreclosing on people who could not pay than getting a high rate of return, but they won either way.

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